1 Billion ADA Vasil Is Now Getting Closer In Cardano’s Treasury

Cardano‘s treasury balance has already surpassed 1 billion ADA, or roughly $437 million at the current currency rate, according to Daniel Ribar of IOG’s Project Catalyst’s Community/Product division.

The Treasury’s objective is to use a voting method to distribute money to promote ADA’s development. To ensure that money is always available, a procedure where money is routinely remitted to the Treasury is required.

In order to give the community more authority to shape ADA’s development and provide a financial mechanism to make Cardano into a self-funded, self-sustaining ecosystem, the Voltaire Era of Cardano introduced decentralized voting and treasury mechanisms. Given that more projects are relying on Cardano, there have been substantial advancements in recent months.

93 projects have just been launched on Cardano, while 1,075 projects are currently under construction on the platform. Plutus scripts currently number 3,117, whereas Cardano native tokens currently stand at 5.9 million with 60,468 minting policies.

The Treasury may have provided financial support for some of these programs. Over 27 million ADA tokens were distributed in June to the most recent Project Catalyst Fund 8 winners and other financing programs.

Cardano Vasil gets even nearer

According to Tim Harrison, VP of community and ecosystem at IOG:

“Cardano SPOs making good progress over the weekend with upgrades—block producing node metric at 58% for the epoch so far and the hourly on 76%. Very pleasing trajectory. Exchanges & DApp developers also working hard behind the scenes. We’re getting there.”

Pooltool stats show that the block-producing node metric is currently at 77%. 75% of mainnet blocks must be generated by the last Vasil node contender in order for the upgrade to take effect (1.35.3).

In addition, IOG established a statistic of around 25 exchanges being upgraded (representing 80% of liquidity). Bitrue, NDAX.io, and LCX had already signaled their preparedness for Vasil as of the most recent IOG report, while Binance and numerous other companies were upgrading their nodes.

According to IOG, a number of exchanges will start working on their integration this week, on August 29. Similar to this, top Cardano dApps are presently upgrading and performing final integration testing, with a handful already having the “tested” flag ticked.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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